MCCBLUE at 400 Interpace Pkwy. in Parsippany — Courtesy: JLL

By Joshua Burd

New Jersey’s largest office lease of the year to date is official.

Brokers with JLL this week announced the completion of Teva Pharmaceuticals USA Inc.’s 345,000-square-foot lease at 400 Interpace Pkwy. in Parsippany, known as MCCBLUE, under a deal with P3 Properties. The Israel-based generics maker will move its U.S. headquarters to the complex from Pennsylvania as part of a previously announced plan that involves a 10-year, $40 million tax credit package from the state.

Recine said the high-profile deal is the culmination of six months of work between JLL and Harvey Rosenblatt, the CEO of P3, whose firm acquired the former Morris Corporate Center III late last year. P3 subsequently launched a multimillion-dollar rebrand and upgrade of the 541,000-square-foot, four-building campus.

“Harvey’s vision has created an exceptional environment at the office building for tenants, their employees and visitors,” Recine said. “Teva Pharmaceuticals’ relocation to Parsippany will bring tremendous economic benefits to the surrounding communities as well as the entire state.”

The state Economic Development Authority has said that Teva, which is restructuring and consolidating its footprint, pledged to bring 843 new jobs to New Jersey and preserve 232 positions that are already in Parsippany. The company had considered an alternative site about 25 miles from its current headquarters in North Wales, Pennsylvania.

Teva has now inked a 12-year lease and will occupy the entire Building A and a majority of buildings B and D at MCCBLUE, JLL said.

“A major factor to our success has been the ‘out-of-the-box’ thinking and partnership between our leasing team and P3 Properties,” Goodman said. “Today’s corporations are focused on creating a work environment that attracts and retains talent long term. Our ability to create a culture and vibe within the park through interesting signage, a management staff trained to look through a hospitality lense, pop up events and apps that haven’t even hit the street yet, really set this asset apart in today’s work environment.”

Harvey Rosenblatt

Rosenblatt was equally complimentary in discussing the marketing effort.

“Our team at P3 has been very successful at developing and creating an identity and branding overhaul for MCC III,” he said. “Frank, Tim, Blake and Fred were crucial to our efforts, completing a number of transactions in just a few months and stabilizing the property in record time. This is by far the largest office lease signed in New Jersey so far this year.”

P3 and JLL also announced the completion of several other leases at MCCBLUE.

The tenants will benefit from a location that is less than a mile from Exit 42B of Interstate 80 and can be accessed via Cherry Hill Road to Interpace Parkway from the east and from Route 46 via Walsh Drive from the north. JLL noted that the complex’s previous owners completed millions of dollars in improvements that included new white reflective roofs, HVAC upgrades and a fiber-optic backbone to support a campus-wide energy management system, among others.

Joshua Burd, an award-winning reporter and editor, has been covering New Jersey commercial real estate for five years. Many industry leaders view him as the go-to real estate reporter in the state, a role he is eager to continue as the editor of Real Estate NJ. He is a lifelong New Jersey resident who has spent a decade covering the great Garden State.